Recognition of trade association: government may impose conditions, appoint representatives, and require gazette publication for forward contracts. Central Government may grant recognition to an association after necessary inquiry if satisfied it is in the interest of trade and the public, specifying conditions and the goods or classes of goods for forward contracts. The Government may direct membership limits and require appointment of a Government representative and up to three non member representatives to the governing body, and require incorporation of such directions into the association's rules. No rule of a recognised association may be amended without Government approval. Recognition must be published in the Gazette of India and the State Official Gazette and takes effect from Gazette of India publication.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Recognition of trade association: government may impose conditions, appoint representatives, and require gazette publication for forward contracts.
Central Government may grant recognition to an association after necessary inquiry if satisfied it is in the interest of trade and the public, specifying conditions and the goods or classes of goods for forward contracts. The Government may direct membership limits and require appointment of a Government representative and up to three non member representatives to the governing body, and require incorporation of such directions into the association's rules. No rule of a recognised association may be amended without Government approval. Recognition must be published in the Gazette of India and the State Official Gazette and takes effect from Gazette of India publication.
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